HPCL refuses to recognise ONGC as its promoter

HPCL refuses to recognise ONGC as its promoter

Hindustan Petroleum Corp Ltd (HPCL) has for the last one-and-half-years refused to recognise its majority shareholder ONGC as a promoter, according to stock exchange filings.

Oil and Natural Gas Corp (ONGC) in January last year bought the government’s entire 51.11 per cent stake in HPCL for Rs 36,915 crore. Following which, HPCL became ONGC’s subsidiary. HPCL management however, has continuously refused to recognise ONGC as its promoter.

In a regulatory filing HPCL made to stock exchanges on July 21, in the shareholding for the quarter ending June 30, 2019, HPCL again listed ONGC as “public shareholder” and not as its promoter.

Just like the previous five quarterly filings, HPCL listed “President of India” as its promoter with “zero” per cent shareholding. Read More

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